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Italy, France: 'We don't want Jens Weidmann to become ECB president'

A German media report has said Italy and France would be against appointing German central bank chief Jens Weidmann head of the ECB in 2019, when Mario Draghi's turn expires. Much ado about nothing?

In its new edition, Germany's Der Spiegel magazine reported Friday that Italy and France would object to installing Bundesbank chief Jens Weidmann as head of the European Central Bank after the end of Mario Draghi's term in 2019.

It said government representatives from both nations had told German Finance Minister Wolfgang Schäuble that they had nothing against a German at the helm of the ECB, "but it must not be Jens Weidmann."

The report elaborated that southern eurozone nations feared current pragmatic and flexible crisis management measures such as the ECB's huge bond-buying program as carried out under Draghi would no longer be possible under Weidmann.

Watch video 03:09

Bundesbank chief discusses eurozone monetary policy

Premature debate?

While Schäuble said in May he would not take part in any debate about Draghi's successor, numerous media reports had highlighted his and German Chancellor Angela Merkel's likely push for Weidmann to become the fourth guardian of the euro currency, after a representative from the Netherlands, France and Italy.

But there may be a whole bunch of contenders for the job of ECB president, among them Bank of France Governor Francois Villeroy de Galhau.

It cannot be taken for granted, though, that the fight for the post will include Jens Weidmann at all. A spokesman for the Bundesbank on Friday quoted him as saying he enjoyed his current job and would certainly stand ready for another term beginning May 2019, should he be asked to do so.

Weidmann has headed the German central bank since 2011.

Watch video 03:25

Clash of the money managers

hg/jd (AFP, Reuters)

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